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    Title: 董事責任與經營判斷法則之運用與分析
    The Application and Analysis of the Directors` Duties and the Business Judgment Rule
    Authors: 胡碧嬋
    Hu, Pi Chan
    Contributors: 劉連煜
    Liu, Len Yu
    胡碧嬋
    Hu, Pi Chan
    Keywords: 經營判斷法則
    董事責任
    受託人義務
    忠誠義務
    注意義務
    善意義務
    the business judgment rule
    directors` duties
    fiduciary duties
    duty of loyalty
    duty of care
    duty of good faith
    Date: 2010
    Issue Date: 2014-11-03 10:12:53 (UTC+8)
    Abstract: 經營判斷法則乃係確保公司負責人在處理公司業務時,若因此造成公司受有損害,可免於被追訴之法律機制。意即除非公司負責人明顯違反商業營運的重大規範,否則只要公司負責人處理業務時是以謹慎小心的態度為之,即可認定其已盡受託人義務,通常法院即不會為實質審查或質疑公司負責人所作的決定或交易。

    2001年時,我國公司法第23條第1項有作修正,使得公司負責人對於公司應踐行忠實義務及注意義務,且若公司負責人違反此等義務致公司受有損害,需負賠償責任。此一條文之修正,被視為係董事受託人義務(fiduciary duty)的正式引進。然而,除了公司法第23條針對受託人義務有所明文外,任何其他法律中有關受託人義務的明示條文均付之闕如。因此,我們只好用英美法制度中的經營判斷法則,來評斷公司負責人在為公司決策時,是否已踐行其受託人義務。在本研究當中,我們將對經營判斷法則作深入的檢視與剖析。

    近年來,在台灣有愈來愈多的法院,採用經營判斷法則作為裁判之依據。因此,對於經營判斷法則進行徹底的研究,相當具有建設性及必要性。又因為經營判斷法則的概念是源自於英美法制,本文將先介紹該法則之主要背景與相關概念,再討論經營判斷法則在美國與台灣之運用與發展。最後,有鑒於大陸法與英美法的法律制度迴異,本文將討論經營判斷法則在台灣運用時所面臨的困境與難題。
    The business judgment rule is a legal mechanism that can make the officers and directors of a corporation immune from liability to the corporation for losses incurred in corporate transactions within their authority so long as the transactions are made in good faith and with reasonable skill and prudence, which is so-called the fiduciary duties. Unless it is apparent that directors have manifestly violated some major rules of business conducts, the courts will not review or question the decisions or dealings made by the board of directors.

    In 2001, Article 23 of Company Act was amended, which is commonly regarded as the official introduction of fiduciary duties. The new version is to the effect that directors and officers shall exercise their discretion with duty of loyalty and duty of care when conducting business operation; directors and officers will be responsible for damages if they violate the duties and cause injury to the corporation. Nevertheless, apart from Article 23, there are not any other explicitly related articles or provisions regarding fiduciary duties in our legal system; therefore, we cannot but refer to the business judgment rule from the Anglo-American legal system in order to judge whether the directors fulfill their fiduciary duty when conducting business judgment. In this research, we will take a closer examination on the concept of the business judgment rule.

    In recent years, more and more courts in Taiwan have started to adopt the concepts of the business judgment rule in deciding cases. Therefore, it will be constructive and necessary to do a thorough investigation on that topic. Since the concept of the rule is borrowed from the Common Law, we will introduce the principal background and notions of the rule. Then, we will cover the application and development of the rule in America and in Taiwan. And then the difficulties and problems of its application in Taiwan due to the differences in the judicial systems will also be presented.
    "1 Introduction ……………………………………………………. 1
    1.1 Motivation for the research ………………………………… 1
    1.2 Purpose of the research ………………………………… 2
    1.3 Methodology ………………………………… 3
    1.4 Organization of the research ………………………………… 3

    2 Duties of the Directors ……………………………………………………. 5
    2.1 The introduction of fiduciary duties …………………………. 5
    2.1.1 Duty of care ……………………………………………… 6
    2.1.1.1 Prudent person standard …………………………. 7
    2.1.1.2 Duty to be informed …………………………. 8
    2.1.1.3 Statutory limitations on liability …………………… 9
    2.1.2 Duty of loyalty ……………………………………………… 10
    2.1.2.1 Conflict of Interest ………………………………… 10
    2.1.2.2 Corporate opportunity ……………………………….. 12
    2.1.3 Duty of good faith …………………………………………….. 13
    2.2 The codification of fiduciary duties in Taiwan ……………. 16
    2.3 Summary ……………………………………………………. 18

    3 The Business Judgment Rule ………………………………………. 19
    3.1 Definition of the Business Judgment Rule ……………. 19
    3.2 Origin ………………………………………………………….. 20
    3.3 Rationale ………………………………………………………….. 22
    3.4 Elements of the Business Judgment Rule ……………. 26
    3.4.1 Positive Elements ………………………………………. 26
    3.4.1.1 A business decision ………………………………… 27
    3.4.1.2 Disinterestedness and independence …………….. 28
    3.4.1.3 Due care ……………………………………….. 29
    3.4.1.4 Good faith ……………………………………….. 31
    3.4.1.5 No abuse of discretion …………………………………. 32
    3.4.2 Negative Elements ………………………………………… 34
    3.4.2.1 Fraud, illegality, ultra vires conduct ……………… 34
    3.4.2.2 Waste ………………………………………… 35
    3.5 The Codification of BJR ………………………………………… 36
    3.5.1 The Model Business Corporation Act ……………… 37
    3.5.2 Principles of Corporate Governance: Analysis and Recommendation ………………………………………… 40
    3.6 Criticisms to BJR ……………………………………………………… 42
    3.7 Summary ……………………………………………………… 46

    4 Cases with regard to BJR of America …………………………… 47
    4.1 Smith v. Van Gorkom ………………………………………… 48
    4.1.1 Case brief …….………………………………………… 48
    4.1.2 Holding …….………………………………………… 50
    4.1.3 Comments …….………………………………………… 50
    4.1.3.1 The reaction to Smith v. Van Gorkom ……….. 51
    4.1.3.2 The criticism to Smith v. Van Gorkom ……….. 53
    4.2 In re the Walt Disney Co. Derivative Litigation ……….. 55
    4.2.1 Case brief …….…………………………………………. 55
    4.2.2 Holding …….…………………………………………. 57
    4.2.3 Comments …….…………………………………………. 57
    4.3 In re Citigroup Inc. Shareholder Derivative Litigation ………. 62
    4.3.1 Case brief ……..…………………………………………. 62
    4.3.2 Holding ……..…………………………………………. 63
    4.3.3 Comments …….…………………………………………. 63
    4.4 Summary ……………………………………………………… 67

    5 Cases with regard to BJR of Taiwan …………………………… 69
    5.1 92,su,4844 (Shih-lin District Court) …………………….. 69
    5.1.1 Case brief ……………………………………………….. 69
    5.1.2 Holding ……………………………………………….. 70
    5.1.3 Comments ……………………………………………..... 73
    5.2 93,zhongsu,144 (Taipei District Court) ……………………… 74
    5.2.1 Case brief ………………………………………………… 74
    5.2.2 Holding ………………………………………………… 75
    5.2.3 Comments ………………………………………………… 81
    5.3 98,taishang,1302 (Taiwan Supreme Court) ……………….. 82
    5.3.1 Case brief ………………………………………………... 82
    5.3.2 Holding ………………………………………………… 83
    5.3.3 Comments ………………………………………………… 84
    5.4 Summary ………………………………………………………. 86

    6 Conclusion ………………………………………………………. 89
    6.1 Findings ………………………………………………………. 89
    6.2 Suggestions ………………………………………………………. 91

    Bibliography ……………………………………………………………………. 95
    "
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    Description: 碩士
    國立政治大學
    法律科際整合研究所
    95652006
    99
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0095652006
    Data Type: thesis
    Appears in Collections:[法律科際整合研究所] 學位論文

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